Once Mark and Jane had their savings plan in place, they understood that without appropriate levels of insurance their future plans could unravel due to unforeseen and costly events. Their immediate need was to protect their future, but do so in a manner that does not affect their ability to save and accumulate wealth.
We recommended that Mark and Jane obtain the appropriate level of Life insurance and Total & Permanent Disability (TPD) insurance via their respective superannuation funds. Due to group rates premiums the premiums are generally cheaper and could be paid via salary sacrifice (pre-tax) contributions.
Mark should obtain his Income Protection in his own name where premiums would be tax deductible. We advised that Trauma insurance could only be obtained outside of super. We helped Mark and Jane develop a risk management plan designed to protect their future plans.
Today, Mark and Jane continue to enjoy their lifestyle knowing they can look forward to the future with a sense of certainty. We continue to help them build upon and protect their wealth for future generations.
This is a hypothetical example based on a real client experience. Names and details have been changed.